Upcoming IPO: KKR-backed InCred Holdings has received approval from the market regulator, the Securities and Exchange Board of India (Sebi), on Thursday, 5 February, to raise funds through an initial public offering.
The financial services platform submitted a draft red herring prospectus (DHRP) last November via a pre-filing route, PTI reported on 9 November 2025, citing people familiar with the matter. This means the company can withhold disclosure of IPO information in the draft papers until later phases.
Other companies that received regulatory approval include Laser Power and Infra, SEDEMAC Mechatronics, Ardee Industries, Armee Infotech, Aarvee Engineering Consultants, and Shankesh Jewellers. These firms submitted their draft papers between September and November of the previous year and received Sebi’s observations from 2 to 6 February.
The approval comes after three significant IPOs — Bharat Coking Coal Ltd, Shadowfax Technologies Limited, and Amagi Media Labs — entered the Indian primary market in early 2026.
InCred IPO details
The proposed issue size of InCred Holding’s IPO is likely to be around ₹3,000-4,000 crore, the news portal noted. The IPO will comprise a fresh issue and offer for sale (OFS). InCred is a subsidiary of NBFC InCred Financial Services. IIFL Capital Services is the book-running lead manager for the offer.
About InCred
InCred Holdings Limited, previously called KKR Capital Markets Limited, was incorporated on 3 January 2011 under the Companies Act, 1956. It is registered as a Merchant Banker as per Sebi norms.
The Mumbai-based company provides a range of financial products and services, which include lending, wealth and asset management, investment banking, and more. Its well-diversified lending portfolio spans personal loans, student loans, specialised MSME loans, secured business loans, and loans to financial institutions. The platform also acts as an investment manager to certain alternative investment funds registered under the market regulator.
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